Overview of UK Company Registration

The United Kingdom is considered one of the most attractive destinations for entrepreneurs and various types of businesses worldwide. This is because the UK company registration comes with various advantages that include tax benefits and pension before an individual after service. Business owners don't need to have citizenship in the UK in order to register a business over there. This is the biggest advantage of registering one’s company in the UK. There are no restrictions concerning the nationality of directors or shareholders as well. Due to its strong governance and regulations including the well-equipped infrastructure, and certain high-quality facilities, the United Kingdom has become one of the top ten destinations for start-ups and other companies.

Benefits of UK Company Registration

Various benefits of UK company registration are discussed below: 

• UK company registration is a straightforward process.
• A registered company in the UK has its legal personality.
• The biggest benefit of registering a company in the UK is the limited personal liability.
• The registered companies in the UK can have various tax benefits like a limited company can pay corporation tax rather than income tax.
• In the United Kingdom, firms that register can issue shares to raise funds for their operations.
• UK company registration strengthens the credibility of the company and its reputation as a business.
• Companies can also take advantage of other pension perks, including the ability to invest pre-tax profits in a business pension scheme.

Different Types of UK Company Registration Structures 

An individual should talk about the number of entities while talking about a company as an ownership structure. The exclusive forms of corporations or business structures within the uk for UK company registration are given beneath:

• Public Limited Company(PLC)

These companies are also called public companies. One notable difference between a public limited company and a private limited company is that public limited companies can share their shares and debentures to the general public via the stock exchange. Most public limited companies initiate themselves as a private limited company before getting registered as a public limited company to raise capital for expansion.

• Private Limited Company by Guarantee

The guarantors’ liability in these types of companies is limited to a pre-agreed amount that they have to pay in such affairs in which the company is wound up. This type of company is set up by typical entities by NGOs(Non Charitable Organizations) like student unions, charities, clubs, social enterprises and societies for a low limit to the number of members they must pay.

• Private Limited Company by Shares

Private limited companies are the most common business structures set up by companies in the UK. There are over two million registered private limited companies registered at the Companies House. 

These are the most common business structures because the amount for which the shareholders of a public limited company are liable in any event in which the company is involved is limited to the reverses of that company. About nine in every ten private limited companies in the UK are either small or medium-sized.

• Private Unlimited Company

The private unlimited companies in the UK are less as compared to other companies. There is no liability fixation for its shareholders in such events in which the company is wound up. Thus, this type of business structure is used in those companies where insolvency is a very low risk.

• Community Interest Company

Those companies that seek to earn benefits from the community rather than its members or shareholders, such companies are called Community Interest Companies. These companies can either be a public or a private limited company and can be limited by guarantee or share capital.

Documents Required for UK Company Registration

The documents required for UK company registration are discussed below:

• Memorandum of Association
• Articles of Association
• Form IN01
• Registered office address
• Details of directors of the company
• Shareholder or guarantor information
• Statement of capital
• People with Significant Control (PSC) Register
• Statement of compliance
• Required registration fee

Step by Step Process of UK Company Registration

The steps to do UK company registration are discussed below:

• Choose Company Type: Step one of UK company registration is to select the form of company that one wants to register which depends on the form of commercial enterprise.
• Choose Company Name: After selecting the precise enterprise structure, the next step is to pick out a name for the organization that must be precise and not just like the existing organization names inside the UK.
• Prepare and Collect Documents: The very next step of the registration process is to prepare or collect all the necessary documents like MoA, AoA, etc.
• Register Address Office: A registered office address has to be chosen in the UK which will be publicly available and used for official correspondence.
• Appoint Company Directors: At least one director for the company has to be appointed who is above 16 years old. Although not mandatory for private limited companies, a company secretary can be appointed.
• Allocate the Shares: The number of shares and their values will be decided. Allocation of shareholders of the company and gathering information about them will also be done.
• Create a PSC(People with Significant Control) Register: Identifying and creating a record about those individuals who have an important role and significant control over the company.
• File the Application Form: Filing the application form with all the necessary details and attach all the necessary documents.
• Register Company House: Companies can be registered by the Companies House online mode by using the Companies House Website and by sending the filled application form(IN01) along with the necessary documents and fees to the Company House directly.
• Receive the Incorporation Certificate: After approval of the application form and the document, the Incorporation Certificate is issued by the Company House.
• Post Registration Compliance: Set up a separate business bank account using the Incorporation Certificate. Registration for Corporation tax with HM Revenue and Customs(HMRC). Compliance with ongoing requirements depending on the type of company.

Why to Choose Whizseed for UK Company Registration? 

Forming and registration of a company in the UK is an easy and quick process with the help of professionals like Whizseed. Before registering a company, it is important to understand all the types of business structures existing in the UK and choose an appropriate one for the same and this is where Whizseed is going to help you out. UK company registration further involves the production of necessary documents attaching them with the filled application form (IN01) and also requiring the companies in the UK to be registered with the Companies House. Whizseed helps you on every step of the registration procedure which makes your work easy and smooth. Hence you must choose us for UK company registration.